An iconic South Beach hotel on Ocean Drive has sold, marking an exciting comeback for the hospitality sector in South Florida.
The acquisition comes at a good time as demand in the hospitality sector is improving after hotels took a hit during the COVID-19 pandemic. According to Marcus and Millichap's hospitality midyear outlook special report, the availability of vaccines has allowed more people to travel which has raised hotel occupancy in the country from 24.5% in April of 2020 to over 60% in June of 2021.
Optimum Asset Management, a boutique real estate investment manager in Coral Gables, completed the sale of Celino South Beach Hotel to CGI Merchant Group, an investment management firm in Miami.
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Melea VanOstrand
Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.
